David H. Papell of University of Houston reviews, "Flexible Exchange Rates for a Stable World Economy" by Joseph E. Gagnon. The JEL annotation of this book begins: "Examines the broad parameters of exchange rate policy in light of both theory and real-world experience, focusing on the advanced economies and the leading emerging markets but including the low-income developing economies as well. Discusses a world of multiple monies; whether floating exchange rates are too volatile; whether volatile exchange rates reduce economic output; whether volatile exchange rates destabilize inflation and output; monetary policy with fixed and floating exchange rates; fiscal policy and exchange rate regimes; and exchange rate regimes in developing economies. Gagnon is Senior Fellow at the Peter G. Peterson Institute for International Economics. Index."